Under the program, black entrepreneurs and company owners can receive loans of up to $250,000. Loans can be given for investment in equipment and for leasehold improvement; operating capital, including inventory, payroll and lease payments; and short-term receivables financing among other uses.
The program is in line with BMO’s objective of growing the good in business and life, a commitment that was launched in 2019 that included a pledge to double the bank’s support for women entrepreneurs and small businesses.
“Black entrepreneurs face unequal access to capital, which inhibits their ability to build and scale businesses,” said Stanley Julian, Head of Specialized Accounting Management Unit – Canada, BMO Financial Group. that this program’s funding and resources will enable black business owners to expand operations and increase their opportunity to participate in Canada’s economic development.”
To support the new program for Black entrepreneurs, BMO has teamed up with the Black Opportunity Fund (BOF), a community-based organization dedicated to removing financial barriers for Black-owned businesses. .
Black company owners will benefit from the partnership’s comprehensive educational programs in areas such as business planning, financial management, sales, marketing and budgeting.